General Agreement on Tarriffs and Trade (GATT)

The General Agreement on Tariffs and Trade (GATT) was an international treaty established in 1947 to promote and regulate global trade. Its main goal was to make international trade more open and fair. GATT aimed to reduce tariffs (taxes on imported goods) and other trade barriers among its member countries. The idea was to create a level playing field for trade by treating all countries equally and avoiding favoritism.